Legal Question in Credit and Debt Law in Georgia
Consumer debt, owns business
I own a business in Fulton County (Georgia). My business is not an LLC or Inc, rather, I just have a ''in town service license''. Can the collection agency order a FiFa against the goods in my business? What about my businesses bank account? The credit card I had was only in my personal name. They were granted a default judgment against me.
1 Answer from Attorneys
Re: Consumer debt, owns business
Based on your facts, you actually do not own a separate business, you are a sole proprietor. And as such, both the "company" assets, such as the bank account, and your personal assets can be used to satisfy the judgment. This is the primary reason to incorporate - to protect your personal assets.
If you would like to discuss any issues further, please feel free to contact my office. My contact information is below. Thank you.
The foregoing is general information only, not specific legal advice. No attorney/client relation has been created or should be implied.
Glenn M. Lyon, Esq
MacGregor Lyon, LLC
Promenade II
1230 Peachtree Street NE
Suite 1900
Atlanta Georgia 30309
Phone 404.942.3545
Fax 404.795.0993
www.MacGregorLyon.com
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